Ethereum pulls $1B in buying volume on Binance as ETH drops below $2,300

TLDR:

Ethereum receiver buying volume on Binance surpasses $1B in one hour, ETH drops below $2,300

OKX recorded nearly $20M in ETH buying flows in the same one-hour window following the price drop.

The Federal Reserve kept interest rates unchanged at 3.5%-3.75% and indicated short-term inflation concerns.

ETH was trading at $2,256.46, down 3.01% in 24 hours and down 3.77% in seven days.

Ethereum saw a surge in buying activity as prices fell below the $2,300 mark. Within an hour, the volume traded on Binance exceeded $1 billion. A similar response was filed on OKX, where a buying flow of nearly $20 million was recorded.

This buying spree came at a time when the Federal Reserve kept interest rates unchanged. At the time of writing, ETH is changing hands at $2,256.46.

Traders entered when ETH fell below the key price zone

Ethereum bounced back above $2,450 before pulling back by roughly 10 percent. The drop below $2,300 triggered a wave of aggressive long positions from active traders.

This price level attracts buyers who see the reversal as a short-term entry point. The response was quick, with large volumes being recorded on major platforms within an hour.

Crypto analyst Darkfost drew attention to the buying activity, noting that the buyer's purchase volume on Binance alone has topped $1B. Almost $20m worth of buying flows were also recorded on OKX during the same period.

According to Darkfost, at these price levels some investors have aggressively entered the long domain. The move reflected renewed short-term interest in ETH among active market participants.

At the time of writing, Ethereum is down 3.01% in the last 24 hours. Over the past seven days, the asset has declined by 3.77%.

Despite the recent price weakness, the buying response has shown that traders remain engaged in the lows. The 24-hour trading volume reached more than $19.4 billion.

Ethereum remains in a broad range structure with no confirmed breakout in either direction. The rebound from $2,450 kept the asset in the closely watched zone by traders.

Market participants continue to monitor buying and selling pressures at current levels. Any sustained increase in volume may affect the next directional movement for ETH.

The Fed's rate decision will increase pressure on broad risk assets

Federal Reserve interest rates remained unchanged at the last meeting in a range of 3.5% to 3.75%. The central bank said short-term inflation is likely to rise again, partly due to higher energy prices.

Many market observers read this tone as relatively hawkish. Risky assets, including cryptocurrencies, often face headwinds as the Fed signals a cautious policy outlook.

However, some traders appeared unfazed by the Fed's message on Wednesday. The buying surge in Ethereum came directly after the price decision was announced.

A portion of the market has a constructive short-term view on ETH despite the macro backdrop. This response stood in contrast to the broader caution that introduced the Federation Declaration.

ETH traded at $2,256.46, reflecting a market that is dealing with mixed signals from both monetary policy and on-chain demand. Traders continue to look at the $2,300 level as a key reference zone.

A retracement of that level could shift the near-term sentiment towards buyers. Until then, the region-bound structure will likely remain in place.

The broader context of rising energy prices and a cautious Fed will add uncertainty to crypto markets in the near term.

However, buying volume data shows that institutional and retail appetite for ETH remains at low price levels.

How the market reacts to the next macro stimulus will determine whether this buying pressure holds. For now, the $2,300 zone remains a focal point for traders watching ETH closely.